Fidelity: Bitcoin Winter Could Last a Year, Support Between 65,000 and 75,000 Dollars

Jurien Timmer, director of global macro at Fidelity, wrote on the X platform that while still bullish on Bitcoin for a long time, Bitcoin may have ended another four-year halving cycle, both in terms of price and time: After 145 months of gains, the high of $125,000 reached in October this year is basically in line with people's expectations. Bitcoin's winter usually lasts about a year, so 2026 may be Bitcoin's "off year", with support between $65,000 and $75,000.
In addition, Jurien Timmer also highlighted gold's strong performance in 2025 and contrasted it with the negative performance of Bitcoin, with neither asset expected to see a mean reversion in the near term. He noted that gold is currently in a strong bull market and has gained about 65% so far this year, outperforming the growth of the global money supply. Gold has held most of its gains during the recent pullback, which is typical of a bull market.